Leased Retail Strip
For Sale
$1,299,000
841 W 1st Ave, Toppenish, WA 98948
Fully leased 8-unit retail strip center built in 2015 with on-site parking and multiple long-term tenants.
Property Size8,640 SF
Lot Size1.28 Acres
Price / SF$150.35
Days on Market104
Property Features for 841 W 1st Ave
General Information
Standard status
Active
Size
8,640 SF
Lot size
1.28 Acres
Occupancy
100%
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$11,098
Building Details
Year Built
2015
Tenancy
Multi
Listing Agency:
John L Scott Yakima
(509) 966-9900
Listed By:
Kevin Rangel Rangel · License #22017029
(150) 996-6990
Source:
Exprealty
Added: May 27
Changed: Sep 5
Last Checked: Sep 6 at 11:19AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of John L Scott Yakima
Investment Insights
Based on property information with market context.
This fully leased 8-unit retail strip center was built in 2015 and totals 8,640 square feet on a 1.28-acre parcel. The center is 100% occupied, with a tenant mix that includes an established insurance agency, a pawn shop operating across three units, Cricket Wireless, a smoke shop, a nail salon, and a spice and herb retailer. Tenant history ranges from 5 to 26 years, and two recent lease signings occurred within the past year.
The property is positioned at 841 W 1st Ave in Toppenish and provides substantial on-site parking. The frontage is along a commercial corridor, with immediate highway access described as part of the asset’s location attributes.
In addition to the in-line tenants, a long-standing food truck operator generates supplemental income and has a reliable payment history. The asset is presented as an in-place income stream with an emphasis on value creation through potential lease and expense structure improvements over time.
The property is positioned at 841 W 1st Ave in Toppenish and provides substantial on-site parking. The frontage is along a commercial corridor, with immediate highway access described as part of the asset’s location attributes.
In addition to the in-line tenants, a long-standing food truck operator generates supplemental income and has a reliable payment history. The asset is presented as an in-place income stream with an emphasis on value creation through potential lease and expense structure improvements over time.
Key Highlights
- Fully leased 8‑unit retail strip center built in 2015 totaling 8,640 SF
- 100% occupied tenant mix includes an insurance agency, pawn shop (three units), Cricket Wireless, and additional retail/salon tenants
- Tenant history ranges from 5 to 26 years, with two lease signings within the past year
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$87,605
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.74%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,752,100
$1.8M
Cap Rate 7%
$1,251,500
$1.3M
Cap Rate 9%
$973,389
$973.4K
Market Conditions
NOI Build-Up for 8,640 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$130.6K $15.12/SF
− Vacancy
−$5.5K −$0.64/SF
EGI
$125.2K $14.48/SF
− OpEx
−$37.5K −$4.35/SF
NOI
$87.6K $10.14/SF
Area
Yakima County, WA
Vacancy
4.20%
Lease Rate
$15.12 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,752,100
Cap Rate 7%
$1,251,500
Cap Rate 9%
$973,389
Alternative Uses
Best Use
Retail
$1.25M
$1.10M – $1.46M
NOI $87,605 @ 7.0% cap · market cap 6.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.54M – $2.05M
NOI $122,821 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
377
Businesses Nearby
108k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 39%
Groceries 31%
Shops & Services 21%
Home Improvements & Furnishings 6%
Safeway
Groceries
33,476 visits/mo
0.2 miles
McDonald's
Dining
23,769 visits/mo
0.1 miles
Taco Bell
Dining
6,455 visits/mo
0.2 miles
7-Eleven
Shops & Services
6,405 visits/mo
0.3 miles
Ideal Lumber
Home Improvements & Furnishings
6,385 visits/mo
0.1 miles
Demographics for 98948, WA
13,416
Population
3,620
Households
3.7
Avg Household Size
31
Median Age
9%
College-Educated
63%
High-School Grad
335.3 sq mi
ZIP Area
40
Density / Sq Mi
$67,217
Median Household Income
$32,639
Median Earnings
$978
Median Rent
$217,800
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Fully leased 8-unit retail strip center built in 2015 with on-site parking and multiple long-term tenants.
Where is this strip mall located?
The property is located at 841 W 1st Ave Toppenish, WA.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Fully leased 8‑unit retail strip center built in 2015 totaling 8,640 SF; 100% occupied tenant mix includes an insurance agency, pawn shop (three units), Cricket Wireless, and additional retail/salon tenants; Tenant history ranges from 5 to 26 years, with two lease signings within the past year
